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Unaudited Financial Statements for the Year Ended 30th April 2019 |
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for |
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SANDY'S DISCOUNT WAREHOUSE LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30th April 2019 |
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for |
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SANDY'S DISCOUNT WAREHOUSE LIMITED |
SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021) |
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Contents of the Financial Statements |
for the Year Ended 30th April 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SANDY'S DISCOUNT WAREHOUSE LIMITED |
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Company Information |
for the Year Ended 30th April 2019 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021) |
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Balance Sheet |
30th April 2019 |
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30.4.19 | 30.4.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021) |
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Balance Sheet - continued |
30th April 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021) |
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Notes to the Financial Statements |
for the Year Ended 30th April 2019 |
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1. | STATUTORY INFORMATION |
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Sandy's Discount Warehouse Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention. |
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Revenue recognition |
Revenue is the value of goods, net of value added tax, provided to customers during the year. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 |
'Other Financial Instruments' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there |
is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or |
to realise the asset and settle the liability simultaneously. |
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Impairment of Assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets |
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any |
affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the |
carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised |
immediately in profit or loss. |
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If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of |
its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss |
been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit |
or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th April 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operation result. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks and bank overdrafts. Bank |
overdrafts, when applicable, are shown within borrowings in current liabilities. |
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Pension costs |
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are |
recognised in the profit and loss account when due. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1st May 2018 |
and 30th April 2019 |
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DEPRECIATION |
At 1st May 2018 |
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Charge for year |
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At 30th April 2019 |
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NET BOOK VALUE |
At 30th April 2019 |
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At 30th April 2018 |
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SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th April 2019 |
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5. | STOCKS |
30.4.19 | 30.4.18 |
£ | £ |
Finished goods |
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Goods in Transit | - | 173,226 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.19 | 30.4.18 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT Refund Due | 39,156 | 98,660 |
Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.19 | 30.4.18 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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Due to Holding Company | 36,611 | 75,014 |
Directors' loan accounts | 8,864 | 184,118 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.4.19 | 30.4.18 |
£ | £ |
Due to Holding Company | 500,000 | 650,000 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.4.19 | 30.4.18 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The Nat West Bank hold a debenture dated 9th July 2003 over all the company's assets. |
SANDY'S DISCOUNT WAREHOUSE LIMITED (REGISTERED NUMBER: 00845021) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th April 2019 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.19 | 30.4.18 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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Deferred Ordinary | £1 | 100 | 100 |
1,100 | 1,100 |
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12. | RELATED PARTY DISCLOSURES |
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R H Investments Limited |
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A company in which Mr Hudaly is a shareholder. |
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The amount owed to the related party at the balance sheet date was £536,611. There is no formal agreed |
repayment terms. |
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13. | ULTIMATE CONTROLLING PARTY |
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Throughout the current and previous year, Mr & Mrs R Hudaly controlled the company via their controlling |
interest in the parent company R H Investments Limited. |